- After a totally dreadful second quarter, which was marred by an over 30% revenue decline, Q3 was much more robust in many senses.
- Polyurethanes relatively successfully tackled the headwinds, as its sales dropped by only 6% and improved by 28% sequentially.
- The crisis in the aerospace took its toll on Advanced Materials.
- Both 9M and Q3 net operating cash flows were weak. The silver lining is that inorganic FCF was propped up by the proceeds from the sales of Chemical Intermediates businesses.
- The dividend looks secure; I am neutral due to inflated EV/EBITDA.
For further details see:
Huntsman: Recovery Underway, But Headwinds From Aerospace To Remain